Consistency of positive performance over five years

22

positive 5-year periods

0

negative 5-year periods

Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods.
For complete fund performance, please see below.

25.73%

Best 5-year annualized return

(for period ending 03/31/14)

5.25%

Worst 5-year annualized return

(for period ending 12/31/18)

14.51%

Average 5-year annualized return

Total return (%) as of 03/31/19

Annual performance as of 03/31/19

Annual
Cumulative

Annualized Total return (%) as of 03/31/19

Annualized performance

1 yr.

3 yrs.

5 yrs.

10 yrs.

Before sales charge

1.26%

13.71%

8.63%

16.87%

After sales charge

-4.57%

11.49%

7.35%

16.18%

MSCI World Industrials Index (ND)

-0.49%

10.13%

6.36%

13.74%

Cumulative Total return (%) as of 03/31/19

Cumulative performance

1 yr.

3 yrs.

5 yrs.

10 yrs.

Before sales charge

1.26%

47.03%

51.29%

375.33%

After sales charge

-4.57%

38.57%

42.60%

348.00%

Annual performance as of 03/31/19

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Before sales charge

24.67%

32.52%

-14.67%

27.01%

40.45%

0.60%

1.67%

14.85%

27.76%

-13.94%

MSCI World Industrials Index (ND)

26.71%

23.35%

-8.20%

16.02%

32.10%

0.42%

-2.06%

12.88%

25.23%

-14.54%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund, respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

Before sales charge

After sales charge

1 mt.
as of 04/30/19

4.12%

-1.86%

YTD
as of 05/24/19

20.08%

13.17%

Risk-adjusted performance as of
04/30/19

Alpha (3 yrs.)

1.82

Sharpe ratio (3 yrs.)

0.88

Treynor ratio (3 yrs.)

11.47

Information ratio (3 yrs.)

0.65

Volatility as of
04/30/19

Standard deviation (3 yrs.)

14.47%

Beta

1.11

R-squared

0.92

Capture ratio as of
04/30/19

Up-market (3 yrs.)

111.61

Down-market (3 yrs.)

99.68

Morningstar Ratings™as of 04/30/19

Time period

Funds in category

Morningstar Rating™

Overall

43

3 yrs.

43

5 yrs.

42

10 yrs.

34

Morningstar category: Industrials

Distributions

Record/Ex dividend date

12/21/18

Payable date

12/26/18

Income

--

Extra income

--

Short-term cap. gain

--

Long-term cap. gain

$1.495

Lipper rankings are based on total return without sales charge
relative to all share classes of funds with similar objectives as
determined by Lipper. Past performance is not indicative of future
results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.

Portfolio composition as of 04/30/19

Equity statistics as of 04/30/19

Median market cap

$37.27B

Weighted average market cap

$68.54B

Price to book

3.92

Price to earnings

18.07

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Industrial products, services, and equipment industries may be affected by economic trends, commodity prices, technological obsolescence, labor relations, legislation, worldwide competition, and liability for environmental damage. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.

Top industry sectors
as of 04/30/19

Aerospace & Defense

25.15%

Industrial Conglomerates

13.70%

Road & Rail

13.02%

Machinery

11.05%

Electrical Equipment

8.40%

Building Products

7.13%

Commercial Services & Supplies

5.70%

Health Care Equipment & Supplies

3.93%

Trading Companies & Distributors

3.81%

Other

8.11%

Oil, Gas & Consumable Fuels

3.27%

Cash and net other assets

2.11%

Airlines

1.90%

Professional Services

0.83%

0

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time.

Country allocation
as of 04/30/19

United States

79.52%

Japan

10.69%

France

4.80%

Cash and net other assets

2.11%

Canada

1.90%

Germany

0.54%

United Kingdom

0.44%

0

Expenses

Expense ratio

Class A

Class B

Class C

Class M

Class R

Class R6

Class Y

Total expense ratio

1.27%

2.02%

2.02%

1.77%

1.52%

0.88%

1.02%

What you pay

1.27%

2.02%

2.02%

1.77%

1.52%

0.88%

1.02%

Sales charge

Investment Breakpoint

Class A

Class B

Class C

Class M

Class R

Class R6

Class Y

$0-$49,999

5.75%

0.00%

0.00%

3.50%

--

--

--

$50,000-$99,999

4.50%

0.00%

0.00%

2.50%

--

--

--

$100,000-$249,999

3.50%

--

0.00%

1.50%

--

--

--

$250,000-$499,999

2.50%

--

0.00%

1.00%

--

--

--

$500,000-$999,999

2.00%

--

0.00%

1.00%

--

--

--

$1M-$4M

0.00%

--

--

--

--

--

--

$4M-$50M

0.00%

--

--

--

--

--

--

$50M+

0.00%

--

--

--

--

--

--

CDSC

Class A(sales for $1,000,000+)

Class B

Class C

Class M

Class R

Class R6

Class Y

0 to 9 mts.

1.00%

5.00%

1.00%

--

--

--

--

9 to 12 mts.

1.00%

5.00%

1.00%

--

--

--

--

2 yrs.

0.00%

4.00%

0.50%

--

--

--

--

3 yrs.

0.00%

3.00%

0.00%

--

--

--

--

4 yrs.

0.00%

3.00%

0.00%

--

--

--

--

5 yrs.

0.00%

2.00%

0.00%

--

--

--

--

6 yrs.

0.00%

1.00%

0.00%

--

--

--

--

7+ yrs.

0.00%

0.00%

0.00%

--

--

--

--

The MSCI World Industrials Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the industrial sector. You cannot invest directly in an index.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Industrial products, services, and equipment industries may be affected by economic trends, commodity prices, technological obsolescence, labor relations, legislation, worldwide competition, and liability for environmental damage. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.

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